Remortgages
- Mortgage Information
What
is a Remortgage?
Why
should I go for a Remortgage?
Review your current mortgage. If you feel you are paying excessive
rates of interest, compared to other lenders then a remortgage may
save on your monthly payments. Alternatively, you may be looking
for a way to finance an extension or purchase a new car, you could
seek to increase your mortgage and take the extra sum as cash.
Remortgage
- the pitfalls
Weather to remortgage depends on interest rates. You always have
to be sure that you can meet the repayments whatever the economic
climate. Borrowing may seem attractive now, with interest rates
running low, but what if they start to go up? If you fail to make
mortgage payments, you could lose your house.
Check
out the details of your existing mortgage. Is there a redemption
penalty? If there is, and it's large, it may wipe out the benefits
of remortgaging. Mortgage lenders who offer to help you remortgage
will often charge a fee on top of your new deal that gets added
to your new mortgage, pushing the price up and making remortgaging
less of a bargain.
How
Do I Apply for a Remortgage?
You begin by checking the terms of your current mortgage.
Some mortgage deals lock you in for a certain period, so you need
to find out if you are able to stop the mortgage out without being
hit with a penalty. Then look for a mortgage lender that offers
your kind of terms. If you are unsure where to start ask an independent
mortgage broker.
But
before you change your mortgage it is worth contacting your current
lender. If you've been a good customer, they may tailor a mortgage
deal to keep you, which will save on the paperwork that comes with
a switch to a new mortgage lender.
List of Major Mortgage Lenders
OCIS
provide general financial information, we urge you to consult an
Independent
Financial Adviser ( IFA )
before making any important decisions about your finances. |
